Progressive (NYSE:PGR) Price Target Raised to $328.00 at Wells Fargo & Company

Progressive (NYSE:PGR - Get Free Report) had its price target raised by equities research analysts at Wells Fargo & Company from $324.00 to $328.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the insurance provider's stock. Wells Fargo & Company's target price would indicate a potential upside of 14.70% from the company's current price.

A number of other equities analysts have also issued reports on the stock. Barclays increased their target price on shares of Progressive from $285.00 to $297.00 and gave the company an "equal weight" rating in a research report on Friday, April 11th. Jefferies Financial Group decreased their price objective on shares of Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a report on Friday, April 11th. UBS Group boosted their target price on Progressive from $275.00 to $285.00 and gave the stock a "neutral" rating in a report on Friday, March 14th. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $288.00 price target on shares of Progressive in a research note on Thursday, April 17th. Finally, Morgan Stanley lifted their price target on Progressive from $310.00 to $320.00 and gave the company an "overweight" rating in a research report on Tuesday, April 29th. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat.com, Progressive presently has an average rating of "Moderate Buy" and a consensus target price of $287.65.

Progressive Stock Performance

Shares of PGR traded up $2.30 during mid-day trading on Wednesday, reaching $285.96. 256,253 shares of the company's stock traded hands, compared to its average volume of 3,029,394. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31. The business's 50-day moving average price is $275.06 and its 200-day moving average price is $259.61. The stock has a market capitalization of $167.64 billion, a P/E ratio of 19.86, a price-to-earnings-growth ratio of 1.70 and a beta of 0.40. Progressive has a 12 month low of $201.34 and a 12 month high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last announced its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.28 by $0.37. Progressive had a return on equity of 33.79% and a net margin of 11.25%. The firm had revenue of $22.21 billion for the quarter, compared to the consensus estimate of $21.87 billion. Equities analysts predict that Progressive will post 14.68 earnings per share for the current year.

Insider Activity

In other news, CIO Jonathan S. Bauer sold 1,227 shares of Progressive stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $281.00, for a total transaction of $344,787.00. Following the transaction, the executive now owns 28,393 shares in the company, valued at approximately $7,978,433. The trade was a 4.14 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Patrick K. Callahan sold 4,669 shares of the company's stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $279.70, for a total value of $1,305,919.30. Following the transaction, the insider now directly owns 15,191 shares in the company, valued at $4,248,922.70. The trade was a 23.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 39,894 shares of company stock worth $11,020,097 over the last 90 days. 0.34% of the stock is owned by company insiders.

Hedge Funds Weigh In On Progressive

Institutional investors and hedge funds have recently bought and sold shares of the business. Highline Wealth Partners LLC boosted its stake in shares of Progressive by 114.0% during the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after buying an additional 49 shares during the period. TruNorth Capital Management LLC raised its holdings in shares of Progressive by 210.0% during the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock worth $26,000 after acquiring an additional 63 shares in the last quarter. HWG Holdings LP acquired a new stake in Progressive during the first quarter valued at $28,000. Webster Bank N. A. purchased a new position in Progressive in the fourth quarter valued at about $26,000. Finally, Hager Investment Management Services LLC acquired a new position in Progressive in the 4th quarter worth about $28,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

About Progressive

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.

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